Lakeland Bancorp (NASDAQ:LBAI) Upgraded to “Hold” at ValuEngine
LBAI has been the topic of several other reports. Zacks Investment Research downgraded shares of Lakeland Bancorp from a buy rating to a hold rating in a report on Thursday, December 26th. BidaskClub downgraded shares of Lakeland Bancorp from a buy rating to a hold rating in a report on Friday, January 10th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Lakeland Bancorp has a consensus rating of Buy and an average price target of $18.67.
LBAI stock opened at $16.77 on Friday. The firm’s fifty day simple moving average is $17.09 and its 200-day simple moving average is $16.14. The company has a market capitalization of $851.43 million, a P/E ratio of 12.52 and a beta of 0.88. The company has a debt-to-equity ratio of 0.43, a current ratio of 0.96 and a quick ratio of 0.96. Lakeland Bancorp has a 12 month low of $14.21 and a 12 month high of $17.63.
Hedge funds have recently added to or reduced their stakes in the company. State Street Corp boosted its holdings in shares of Lakeland Bancorp by 1.4% in the 3rd quarter. State Street Corp now owns 1,059,497 shares of the financial services provider’s stock valued at $16,348,000 after acquiring an additional 14,363 shares during the last quarter. Russell Investments Group Ltd. boosted its holdings in shares of Lakeland Bancorp by 36.9% in the 3rd quarter. Russell Investments Group Ltd. now owns 53,817 shares of the financial services provider’s stock valued at $832,000 after acquiring an additional 14,501 shares during the last quarter. Cubist Systematic Strategies LLC purchased a new stake in shares of Lakeland Bancorp in the 2nd quarter valued at $179,000. Millennium Management LLC boosted its holdings in shares of Lakeland Bancorp by 1,922.1% in the 3rd quarter. Millennium Management LLC now owns 317,575 shares of the financial services provider’s stock valued at $4,900,000 after acquiring an additional 301,870 shares during the last quarter. Finally, Systematic Financial Management LP boosted its holdings in shares of Lakeland Bancorp by 1.3% in the 3rd quarter. Systematic Financial Management LP now owns 1,214,904 shares of the financial services provider’s stock valued at $18,746,000 after acquiring an additional 16,123 shares during the last quarter. 56.03% of the stock is currently owned by institutional investors and hedge funds.
About Lakeland Bancorp
Lakeland Bancorp, Inc operates as the bank holding company for Lakeland Bank that provides various banking products and services for individuals and small to medium sized businesses. It offers commercial banking services, including savings, money market, and time accounts, as well as demand deposits; lending solutions, such as short and medium term loans, lines of credit, letters of credit, inventory and accounts receivable financing, real estate construction loans, mortgage loans, small business administration loans, commercial real estate loans, commercial and industrial loans, and equipment financing, as well as merchant credit card services; and Internet banking, mobile banking, wire transfer, night depository, and cash management services.
Further Reading: What Does a Sell-Side Analyst Rating Mean?
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